Insights are the results which cannot be expected quickly. Most of the time it takes lot of effort, resources and time to gather and arrange insights for developing an Idea or concept.
Generally, Customer insight is considered as a raw data or research but, it is customer’s view from multiple dimensions which is extracted from strategic analysis of a variety of qualitative and quantitative data. Mostly it has information which is collected by Local Authorities and Businesses about customers so one can percept how much hard work and time is included to create a customer profile.
Knowing your customers, whether you are a service provider or an merchant, is like peeling a onion, more you peel the layers, more you will get to know your customers better. You get to know about their interests, motivations, actions, values, beliefs etc. which helps you understand your customers and their lifetime value.
To understand a customer better and deeply there are three W’s of Insights.
- What ?
- Wow Factor !
Taking “What” Factor first, know exactly what your customer is looking for? Are they specific about their choices or are confused or they are just here to have information. Customers often come with mixed set of requirements, they have a specific product in mind but they are open to try other varieties or need a addon. Very least are the customers who are specific and spend no time in trying out new or have information about them. No one likes the customers who do not need anything but still they enquire, unfortunately they also exists.
Another “what” is their actions. What they are doing, what is their motive behind their action whether it is looking for an submission form or checking out ingredients.
Why Factor, Why are they looking for it, what is their needs behind their lookup, maybe there is something they don’t have in mind but is related to their search.
Why are they doing it, they may be comparing products, may be they are looking for reviews online, whatever they are doing can be the answer for the areas you might be lagging behind.
Wow Factor is something new you discover after customer insights , you may get unexpected insights which development team has not discussed of or had found irrelevant.
Heineken was observing men in bars they found out that on a night out women they don’t drink beer. That insight was used by Heineken to develop a new concept for women. They introduced Jillz, a sparkling cider drink which was an alternative to alcoholic drinks and is now a success story.
In the world we live in today it’s essential to know your customers better, whether it’s in a B2B or B2C environment, mutual profit is all everyone needs.